BAFFI CAREFIN Working Papers

From BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy
Via Röntgen, 1 - 20136 Milano - Italy.
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25253: Backlash in the Backyard: Female Representation and Gender Attitudes in the UK

Margherita Negri and Alessio Romarri

25252: Nonlinear Dynamics in Monetary Policy-Fueled Stock Market Bubbles

Monia Magnani and Massimo Guidolin

25251: Text Analysis Methods for Historical Letters, The case of Michelangelo Buonarroti*

Fabio Gatti and Joel Huesler

25244: Drain the Swamp: A Theory of Anti-Elite Populism

Gabriele Gratton and Barton E. Lee

25243: The Great Escape: Physicians Leaving the Public Sector

Paola Bertoli and Veronica Grembi

25242: Social Structure, State, and Economic Activity

Yann Bramoull´e, Sanjeev Goyal and Massimo Morelli

25241: How Smart is the Real Estate Smart Beta? Evidence from Optimal Style Factor Strategies for REITs

Dimos Andronoudis, Massimo Guidolin and Manuela Pedio

25239: Murder in the Marketplace

Victoria Biagi, Alexander Cardazzi and Zachary Porreca

25238: NON-RESIDENTIAL REAL ESTATE PRICES AND MACHINE LEARNING: THE HOW AND THE WHY

Raffaella Barone

25237: Long run inflation: persistence and central bank independence

Angelos Athanasopoulos, Donato Masciandaro and Davide Romelli

24234: The Political Economy of Religious Spending

Luca Vitale and Massimo Pulejo

24233: Machine Learning in Portfolio Decisions

Manuela Pedio, Massimo Guidolin and Giulia Panzeri

24232: Does Macroeconomic Predictability Enhance the Economic Value of Hedge Funds to Risk-Averse Investors?

Monia Magnani

24231: Can Monetary Policies Inflate a Stock Market Bubble? A Regime Switching Model of Periodically Collapsing Bubbles

Monia Magnani

24230: A Few Bad Apples? Criminal Charges, Political Careers, and Policy Outcomes

Diogo G. C. Britto, Gianmarco Daniele, Marco Le Moglie, Paolo Pinotti and Breno Sampaio

24229: Money Talks to Autocrats, Bullets Whistle to Democrats: Political Influence under Different Regimes

Thea How Choon, Giovanna Marcolongo and Paolo Pinotti

24228: The Impact of Market Sentiment and Macroeconomic Fundamentals on Government Bond (Mis)-pricing

Pietro Munari

24227: Identifying the General Equilibrium Effects of Narcotics Enforcement

Zachary Porreca

24226: A Popular Backlash Against Globalization?

Piero Stanig, Italo Colantone and Gianmarco Ottaviano

24225: Regional and Aggregate Economic Consequences of Environmental Policy Abstract: This paper shows how to combine microeconometric evidence on the effects of environmental policy with a macroeconomic model, accounting for general equilibrium spillovers that have mostly been ignored in the literature. To this end, we study the effects of a recent US air pollution policy. We use regression evidence on the policy’s impact across industries and local labor markets to calibrate a quantitative spatial model allowing for general equilibrium spillovers. Our model implies that the policy lowered emissions by 11.1%, but destroyed approximately 250’000 jobs. Ignoring spillovers overestimates job losses in polluting industries, but underestimates job losses in clean industries

Tom Schmitz, Italo Colantone and Gianmarco Ottaviano

24224: Bayesian nonparametric methods for macroeconomic forecasting

Massimiliano Marcellino and Michael Pfarrhofer

24223: Literacy and Financial Education: Private Providers, Public Certification and Political Preferences

Carolina Guerini, Donato Masciandaro and Alessia Papini

24222: Who should buy structured investment products and why?

Massimo Guidolin, Giacomo Leonetti and Manuela Pedio

24221: Economic Shocks and Assimilation Policies: Phylloxera and Educational Expansion in French Algeria

Mara P. Squicciarini, Gianandrea Lanzara, Sara Lazzaroni and Paolo Masella

24220: Do US Active Mutual Funds Make Good of Their ESG Promises? Evidence from Portfolio Holdings

Massimo Guidolin and Monia Magnani

24219: EDMocracy: populism and democratic dissatisfaction in Europe

Federico Favaretto and Michele Mariani

24218: Taylor Rule and Shadow Rates: theory and empirical analysis

Camilla Lupiani

24217: Trends in central bank independence: a de-jure perspective

Davide Romelli

24216: Digging Up Trenches: Populism, Selective Mobility, and the Political Polarization of Italian Municipalities

Luca Bellodi, Frederic Docquier, Stefano Iandolo, Massimo Morelli and Riccardo Turati

23214: Pro-Social Backlash: The Effect of Far-Right Success on Voluntary Welfare Provision

Massimo Pulejo

23213: Financial Education between Market and State: Private Commitment, Conflicts of Interest and Public Certification

Carolina Guerini and Donato Masciandaro

23212: Sanction Evasion Through Tax Havens

Kerim Can Kavakli, Giovanna Marcolongo and Diego Zambiasi

23211: ENVIRONMENTAL CRIME REVENUES, CORRUPTION AND MONEY LAUNDERING: THE ROLE OF THE REAL-ESTATE

Donato Masciandaro and Raffaella Barone

23210: Modelling the Term Structure with Trends in Yields and Cycles in Excess Returns

Carlo A. Favero and Ruben Fernandez-Fuertes

23209: Monetary Policy in the COVID Era and Beyond: the Fed vs the ECB

Carlo A. Favero and Ruben Fernandez-Fuertes

23208: Politicians, Trust, Financial Literacy and Financial Education: When Do Politicians Care?

Donato Masciandaro

23207: Attacking Women or their Policies? Understanding Violence against Women in Politics

Gianmarco Daniele, Gemma Dipoppa and Massimo Pulejo

23206: Politicians, Trust and Financial Literacy: When Do Politicians Care?

Donato Masciandaro

23205: Fiscal Dominance, Monetary Policy and Exchange Rates: Lessons from Early-Modern Venice

Donato Masciandaro, Davide Romelli and Stefano Ugolini

23204: The Shift to Commitment Politics and Populism:Theory and Evidence

Luca Bellodi, Massimo Morelli, Antonio Nicolo' and Paolo Roberti

23203: Time-Varying Risk Aversion and International Stock Returns

Massimo Guidolin, Erwin Hansen and Gabriel Cabrera

23202: Strong vs. Stable: The Impact of ESG Ratings Momentum and their Volatility on the Cost of Equity Capital

Ian Berk, Massimo Guidolin and Monia Magnani

23201: What do politicians think of technocratic institutions? Experimental Evidence on the European Central Bank

Federico M. Ferrara, Donato Masciandaro, Manuela Moschella and Davide Romelli

23200: Blended Identification in Structural VARs

Andrea Carriero, Massimiliano Marcellino and Tommaso Tornese

23199: A Euro Area Term Structure Model with Time Varying Exposures

Tommaso Tornese

23198: Exchange Rates and Government Debt

Federico Favaretto

23197: Pay-as-they-get-in: Attitudes towards Migrants and Pension Systems

Tito Boeri, Matteo Gamalerio, Massimo Morelli and Margherita Negri

23196: How Elastic and Predictable Money Should Be: Flexible Monetary Policy Rules from the Great Moderation to the New Normal Times (1993-2023)

Donato Masciandaro

23195: Internal Ratings, Non-Performing Loans, and Bank Opacity: Evidence from Analysts’ Forecasts

Brunella Bruno, Immacolata Marino and Giacomo Nocera

23194: Politicians’ Incentives and the Congested Budget Effect: Evidence from Italian Municipalities

Luca Bellodi and Massimo Morelli